Economics Terms

This term is used to describe the amount of a product that is available

• Demand

• Scarcity

• Supply

This word is used to describe the pay a person receives for the work they do

• Surplus

• Supply

• Wages

When a company makes more money than they spend, they have turned a...

• Surplus

• Wages

• Profit

When an item goes on sale, the company selling the item may have a __________ of that item.

• Scarcity

• Surplus

• Mixed Economy

In a mixed economy

• Private enterprise exists in combination with a considerable amount of government regulation and promotion

• There are no private enterprises, the government controls absolutely everything.

• Private enterprises make up the entirety of the economic system, the government has no control.

A market economy

• relies on supermarkets to distribute goods.

• is completely government controlled.

• relies on market forces to allocate goods and resources and to determine prices.

The tools, equipment, and buildings that are used to produce goods and services

• Human resources

• Capital resources

• Intermediate resources

• Primary resources

Items purchased to satisfy needs and wants

• Services

• Goods

• Needs

• Shrek

Actions or activities that one person performs for another

• Services

• The Griddy

• Goods

• Intermediate Goods

A person who purchases goods and services for personal use

• Consumer

• Producer

• Potato

• Service